Instruction Chart of Accounts Factory Overhead General Journal Instruction The Winston Company estimates that the factory overhead for the following year will be $716,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 39,800 hours. The total machine hours for the year were 54,400 hours. The actual factory overhead for the year was $803,000. Required: (a) Determine the total factory overhead amount appled (b) Calculate the overapplied or underapplied amount for the year. Enter the amount as positive values (e) Prepare the jouma entry to close Factory Overhead into Cost of Goods Sold. Heter to the Chart of Accounts for exact wording of account Bities Instruction Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 121 Accounts Receivable 131 Materials 133 Work in Process 135 Factory Overhead 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 190 Factory Equipment 191 Accumulated Depreciation 510 Cost of Goods Sold 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EOLITV alculator Instruction Chart of Accounts 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 190 Factory Equipment 191 Accumulated Depreciation 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Instruction Chart of Accounts Factory Overhead General Journal Factory Overhead (a) Determine the total factory overhead amount applied. Total factory overhead applied S (b) Calculate the overapplied or underapplied amount for the year. Enter the amount as positive values. Factory overhead by All work saved. (e) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold on December 31. Refer to the Chart of Accounts for exact wording of account ines PAGE 1 JOURNAL DATE DESCRIPTION POST REF DEBIT CREDIT 1